Ascent Capital Eyes to Hold Equity Share in ICL

Ascent Rift Valley Capital is eying to hold a 2.5 million dollars equity share in the International Clinical Laboratory (ICL) by the end of March, 2014.

The two are in the final stage of the negotiation process, which has so far taken a year and a half. Based on this negotiation ICL plans to commence DNA test for the first time in Ethiopia after six months, for 300 dollars, according to Tamrat Bekele, general manager of ICL.

Ascent Capital is the manager of the Ascent Rift Valley Fund, a 10-year private equity fund, which predominantly invests in growth capital on companies working in Eastern Africa the average investment size being four million dollars. It has presence in Addis Abeba, Nairobi and Kampala.

ICL which is owned by Medpharm- a US-registered company, established in 2003, by the three Ethiopian nationals living in the US- also  plans to open a new branchs in East Africa, the first being Khartoum, Sudan in six months time. In addition to the financial fund, Ascent will also cooperate in the expansion of the ICL branches in East Africa.

ICL, which opened its doors in 2004 with the aim of providing quality laboratory service all over Ethiopia, managed to expand its service throughout Addis Abeba and Bahir Dar (511km from Addis Abeba in Amhara Region), Mekelle (780km from Addis Abeba in Tigray Region and Hawassa 273km from Addis Abeba in the South Region).

Published on March 30,2014 [ Vol 14 ,No 726]



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